July 2024 Housing Market – Downtown San Diego Condo Market

Downtown San Diego is experiencing a notable increase in inventory, with active listings reaching 234 in June 2024, up from 112 in the same period last year. This represents an over 100% increase, indicating a shift in the market. Despite the rise in inventory, sales activity remains sluggish, with only two months in the past year exceeding 50 sales. The month’s supply of inventory has also increased, now approaching 4.8 months compared to a 2.1 month’s supply a year ago. The market time for properties remains stable, but this stability masks a divide where desirable, well-positioned properties sell quickly, while less attractive listings linger.

Interestingly, there is a noticeable increase in high-end property transactions, with five properties over $2.5 million currently in escrow, which is unusual for the area. This shows that while overall market activity is slow, luxury properties are still attracting serious buyers. However, most properties are experiencing fewer showings and less buyer interest, especially those without appealing features like good views. Prices seem to be holding steady, despite many properties are staying on the market longer, indicating a cautious attitude among buyers and a tougher market for sellers of less desirable properties.

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Give me a call today at (619) 228-6790 or email me at Ryan@livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!